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BlackRock’s Bitcoin Holdings Grow as Market Bounces Back
As the cryptocurrency market shows signs of recovery, it appears that institutional investors like BlackRock are also re-entering the space. Recent reports suggest that BlackRock will be adding a 1% to 2% allocation to its iShares Bitcoin Trust ETF (IBIT) in target allocation portfolios that allow for alternatives.
This significant development may likely result in an increase of demand for IBIT at a time when market sentiment around cryptocurrencies is experiencing a downturn. The news comes as Bitcoin prices have recently rebounded, with the largest cryptocurrency trading at approximately $90,000.
Despite the current economic fears weighing down markets, BlackRock’s move serves as a vote of confidence for the crypto space and potentially boosts its growth.
Source: https://u.today/blackrocks-bitcoin-holdings-grow-as-market-bounces-back
